IBIO Stock Price: Over 18% Increase Explanation

By Amit Chowdhry ● June 10, 2021
  • The stock price of iBio Inc (NYSEAMERICAN: IBIO) increased by over 18% during intraday trading. This is why it happened.

The stock price of iBio Inc (NYSEAMERICAN: IBIO) – a biotech innovator and biologics contract manufacturing organization – increased by over 18% during intraday trading. Investors are responding positively to the company announcing the appointment of Evert (Eef) Schimmelpennink to its Board of Directors, effective immediately.

Schimmelpennink has a career that spans over 20 years. And he has applied his strategic and functional expertise across corporate development, commercial operations, manufacturing, and R&D to help build and scale a number of global public and private biopharmaceutical businesses. Recently, he had served as CEO of Pfenex (acquired by Ligand Pharmaceuticals Incorporated for approximately $516 million including contingent value rights in October 2020)

Schimmelpennink had also served as CEO of Alvotech Ehf, a global biopharmaceutical company focused on becoming a leader in the biosimilar monoclonal antibody market. Before joining Alvotech, he held variety of progressive roles with Pfizer, Hospira, Synthon BV, and Numico NV.

KEY QUOTES:

“Eef has a strong history of success leading companies with novel protein expression platforms to develop and commercialize biopharmaceutical products. He is joining our team at an opportune time, given we are adding our own in-house drug discovery capabilities to our existing contract development and manufacturing services, similar to what Eef did in his most recent leadership role at Pfenex.”

— Tom Isett, Chairman & CEO of iBio

“I am honored to join iBio’s Board and look forward to working with my talented colleagues as the Company continues to harness the power of its unique plant-based FastPharming System® to help reduce drug development times and costs, and, importantly, to help rapidly develop its own biopharmaceutical candidates to address unmet medical needs in human health and veterinary medicine.”

— Evert (Eef) Schimmelpennink

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.